Ref: HAN004
## **THE HANCOCKS TRUST**
**REPORT AND FINANCIAL STATEMENTS** REGISTERED CHARITY NUMBER: 1140553
## **For the year ended 30th September 2025**
Charter Tax Consulting Limited 8th Floor
1 Southampton Street London WC2R 0LR
## **THE HANCOCKS TRUST CONTENTS**
||**Page**|
|---|---|
|Trustees' Annual Report|1 - 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 - 10|
**THE HANCOCKS TRUST TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 30TH SEPTEMBER 2025**
## **Reference and administrative information**
Founders James Carl Hancocks Antonia Rachel Hancocks Dates of Deeds Declaration of Trust - 30th November 2010 Trustees James Carl Hancocks Antonia Rachel Hancocks The power to remove and to appoint new or additional Trustees is vested in the Trustees. Nature of Trust A registered charity with the Charity Commissioners for England and Wales (Charity number 1140553) Registered Office Ludlow Trust Co Ltd Tower Wharf Cheese Lane Bristol BS2 0JJ Bankers Coutts & Company 440 Strand London WC2R 0QS Custody Portfolio Canaccord Genuity Wealth Management 41 Lothbury London EC2R 7AE Independent Examiners Katie Wilson FCA Blue Spire Ltd Cawley Priory South Pallant Chichester PO19 1SY
1
## **THE HANCOCKS TRUST TRUSTEES' ANNUAL REPORT cont'd. FOR THE YEAR ENDED 30TH SEPTEMBER 2025**
## **Report of the Trustees for the year ended 30th September 2025**
The Trustees present their report along with the financial statements of the charity for the year ended 30th September 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 7 and 8 and comply with the charity's Declaration of Trust, the Charities Act 2011 and the requirements of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.
## Structure, Governance and Management
The Charity was established by a Declaration of Trust dated 30th November 2010 by its founders, James Carl Hancocks and Antonia Rachel Hancocks. The Declaration of Trust does not restrict or exclude the exercise by the Trustees of the powers given by the Trustee Act 2000 as regards investment, the acquisition or disposal of land and the employment of agents, nominees and custodians.
## Objectives and Activities
The Trustees must apply the income of the Charity to such charities or for such charitable purposes as the Trustees at their discretion each year (or more frequently) select. The words 'charitable' and 'purpose' have the meanings given to them in the Charities Act 2011. At their discretion, the Trustees may spend all or part of the capital of the Charity in furthering the objects.
## Grant making policy
The annual income from the Charity and sometimes its capital are used to pay the annual charitable grants and expenses. The Trustees decide what grants they wish to make in accordance with the objectives and activities policy set out above.
As required by the Charities Act 2011, the Trustees have referred to the Charity Commission's general guidance on public benefit when formulating the grant making policy. In particular, the Trustees consider how grants can be made to ensure maximum benefit flows through to the intended beneficiaries. The grants benefit a number of public causes, as detailed in note 4. In shaping their objectives for the year and planning their activities, the Trustees have considered the Charity Commission’s guidance 'public benefit: running a charity (PB2)’.
## Achievements and Performance
The activities of the Charity remain satisfactory and the objects of the Charity were achieved during the year. All the funds of the Charity are considered to form part of one Unrestricted Fund, which may be used for the general furtherance of the Charity's objects. The Trustees are satisfied that the Charity's assets are available and adequate to fulfil the obligations of the Charity.
## Financial Review
Total unrestricted income received during the year amounted to £36,651 (2024: £31,880). Total unrestricted expenditure, including grants amounted to £73,171 (2024: £3,300). Donations totalling £200,000 (2024 - £nil) were received in the Expendable Endowment Fund during the year. The net inflow of funds after investment gains amounted to £167,339 (2024: net inflow of £165,939). The financial statements for the year are set out in pages 5 to 10.
## Risk Management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operation and finances of the Trust, and are satisfied that systems are in place to manage these major risks.
## Going Concern
The Trustees have concluded that there is reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## Investment Policy and Performance
In accordance with the Declaration of Trust, the Trustees have the power to invest in such stocks, shares, investments and property as they see fit. Majority of the Charity's cash deposits are invested and held on an execution only account. The Trustees are effectively acting as the Charity's investment manager.
## Reserves Policy
According to the Charity Commissioner's guidance update in their Statement of Recommended Practice: Accounting and Reporting by Charities revised in January 2019, the Charity's expendable endowment is not considered part of the Charity's free reserves. However, this endowment is a considerable sum and the capital can be used at the discretion of the Trustees to fund any deficit on expenditure. It is therefore the view of the Trustees that the Charity does not need to hold any additional money in reserve.
At the year end total funds were £2,357,243 (2024; £2,190,024) and were all held on the expendible endowment fund.
2
## **THE HANCOCKS TRUST TRUSTEES' ANNUAL REPORT cont'd. FOR THE YEAR ENDED 30TH SEPTEMBER 2025**
## **Statement of Trustees' responsibilities**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
- disclosed and explained in the financial statements;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions, disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity's constitution.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **APPOINTMENT OF INDEPENDENT EXAMINER**
During the post year end period Blue Spire Limited was appointed as independent examiner to the charity. Blue Spire Limited has expressed its willingness to continue as independent examiner to the charity for the coming year.
Approved by the trustees and signed on their behalf.
30 June 2026 Date:
**----- Start of picture text -----**
…....................................... Trustee
…....................................... Trustee
**----- End of picture text -----**
3
**THE HANCOCKS TRUST INDEPENDENT EXAMINER'S REPORT**
## **Independent Examiner's Report to the Trustees of The Hancocks Trust**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2025 which are set out on pages 5 to 10.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Katie Wilson FCA Date 30 June 2026 Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
4
## **THE HANCOCKS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2025**
|Notes
**Income and Expenditure**
**INCOME**
Donations
2
Investment income
3
Addition from Settlor
**TOTAL INCOME**
**EXPENDITURE**
Costs of raising funds
Investment Management Fees
Charitable activities
4
**TOTAL EXPENDITURE**
**NET (EXPENDITURE)/INCOME**
Net gains/(losses) on investments
7
**NET INCOME/(EXPENDITURE)**
Transfers between funds
8
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**BALANCES CARRIED FORWARD**|**Expendable**
**Total**
Expendable
Total
**Income**
**Endowment**
**Funds**
Income
Endowment
Funds
**2025**
2024
**£**
**£**
**£**
£
£
£
**-**
-
-
-
**36,651**
**36,651**
31,880
-
31,880
**200,000**
**200,000**
**----Unrestricted Funds----**
----Unrestricted Funds----|
|---|---|
||**36,651**
**200,000**
**236,651**
31,880
-
31,880|
||**400**
**400**
400
400
**73,291**
-
**73,291**
3,300
-
3,300|
||**73,291**
**400**
**73,691**
3,300
400
3,700|
||**(36,640)**
**199,600**
**162,960**
28,580
(400)
28,180
**-**
**4,259**
**4,259**
-
137,759
137,759|
||**(36,640)**
**203,859**
**167,219**
28,580
137,359
165,939
**8,060**
**(8,060)**
**-**
0
0
-|
||**28,580**
**-**
**195,799**
**167,219**
28,580
137,359
165,939
**28,580**
**2,161,444**
**2,190,024**
-
2,024,085
2,024,085|
||**-**
**2,357,243**
**2,357,243**
28,580
2,161,444
2,190,024|
All amounts relate to continuing activities. All recognised gains and losses are included in the Statement of Financial Activities.
5
## **THE HANCOCKS TRUST BALANCE SHEET AS AT 30th SEPTEMBER 2025**
|Notes
**FIXED ASSETS**
Investments
7
**CURRENT ASSETS**
Cash at Bank
**CURRENT LIABILITIES**
Creditors - falling due within one year
10
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
Income Fund
Expendable Endowment
**Total Funds**|**2025**
**£**
**2,263,111**
**100,132**
**100,132**
**6,000**
**94,132**
**2,357,243**
**-**
2,357,243
**2,357,243**|2024
£
2,058,852
135,732|
|---|---|---|
|||135,732
4,560|
|||131,172|
|||2,190,024|
|||28,580
2,161,444|
|||**2,190,024**|
30 June 2026 Approved by the Trustees and authorised for issue on: and signed on their behalf by:
30 June 2026 .............................................................................. .............................................................................. Date Trustee
.............................................................................. Trustee
6
**THE HANCOCKS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025**
## **1 ACCOUNTING POLICIES**
## **(a) Basis of Preparation**
These financial statements are prepared on a going concern basis, under the historical cost convention.
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
The principal accounting policies adopted in the preparation of the financial statements are set out below.
## **(b) Fund Structure**
The Expendable Endowment Fund represents those assets which are held for the longer term of the Trust, in accordance with the terms of the Trust Deed. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Funds. As an Expendable Endowment Fund can be used in accordance with the objects of the Trust, capital can also be spent in certain circumstances in fulfilment of the Trust's objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of that Fund.
## **(c) Income**
All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have been met and receipt is probable. Where a claim for repayment of income tax has been or will be made, such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income:
## **Grants and Donations Receivable**
Grants and donations are recognised in the SOFA when conditions for receipt have been complied with.
## **Investment Income**
Interest receivable on deposit and securities is accounted for as it accrues. Dividend income receivable on securities is accounted for when received by the investment manager.
## **(d) Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:
## **Costs of Raising Funds**
The costs of raising funds consist of investment management and certain legal fees.
## **Charitable Activities**
Donations payable are recognised when they are approved by the trustees and the recipient of the grant has been informed of the amount to be paid.
## **Governance Costs**
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit fees together with support costs.
7
## **THE HANCOCKS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025**
## **1 ACCOUNTING POLICIES (Continued)**
## **(e) Fixed Assets**
Investments are stated at market value at the Balance Sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.
## **(f) Realised and Unrealised Gains and Losses**
All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchased date if later).
## **(g) Going concern**
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity’s forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that there is reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## **(h) Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 'Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
## **(i) Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
## **(j) Key Estimates and Judgements**
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements.
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
## **2 DONATIONS RECEIVED**
The Founders of the charity did not make any cash donations to the charity in this financial year (2024: £nil). The Founders of the charity transferred ownership of shares to the charity in this financial year with a market value of £200,000 (2024: £nil).
|**3**
**INVESTMENT INCOME**
Investment Income
Interest on cash deposits|**2025**
**£**
**35,560**
**1,091**
**36,651**|2024
£
30,304
1,576|
|---|---|---|
|||31,880|
8
## **THE HANCOCKS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30TH SEPTEMBER 2025**
## **4 CHARITABLE ACTIVITIES**
The charity undertook no direct charitable activities but awarded grants to the following institutions in furtherance of its charitable activities.
|Grants made
Support costs
Governance costs (see note 5)
The grants made comprised the following:-
**The advancement of education**
The Wegener's Trust
**ANALYSIS OF GOVERNANCE COSTS**
Charter Tax Consulting Ltd (formerly Ludlow Trust Company (London) Limited) - Administration fee
Blue Spire Ltd - Independent Examination Fee
KJF Accountancy Ltd - Independent Examination Fee
C. Hoare & Co bank charges|**2025**
**£**
**70,000**
**3,291**
**73,291**
**70,000**
**70,000**
**2025**
**£**
**1,620**
**1,440**
**231**
**3,291**|2024
£
-
3,300|
|---|---|---|
|||3,300|
||||
|||-|
|||2024
£
1,620
1,320
360|
|||3,300|
## **5 ANALYSIS OF GOVERNANCE COSTS**
## **6 REMUNERATION OF TRUSTEES**
In the financial year to 30th September 2025, no Trustee received any remuneration or reimbursement of expense from the Charity (2024: Nil).
## **7 FIXED ASSET INVESTMENTS Movement in fixed asset investments**
|**Movement in fixed asset investments**
**Listed Investments**
Market value Brought Forward
Add: Purchase costs
Unrealised gains/(losses)
**Market value Carried Forward**
Historical costs
**Investments comprising greater than 5% of the portfolio**
Baillie Gifford Overseas Growth Funds
McInroy & Wood Portfolios Ltd Balanced Personal Inc
McInroy & Wood Portfolios Ltd Smaller Companies Personal Inc
Stewart Investors Asia Pacific B Units Dis
Stewart Investors Asia Pacific B Units Acc|**2025**
**£**
**2,058,852**
**200,000**
**4,259**
**2,263,111**
**1,653,081**
**%**
**11.82**
**58.13**
**6.35**
**23.48**
**0.00**|2024
£
1,911,928
9,165
137,759|
|---|---|---|
|||2,058,852|
|||1,453,081|
|||**%**
10.97
64.93
7.37
0.00
16.73|
9
## **THE HANCOCKS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30TH SEPTEMBER 2025**
## **8 FUND TRANSFERS**
A transfer of £8,060 (2024: £Nil) was made from the Expendable Endowment fund to the Income Fund to cover the grants paid and governance costs incurred, as permitted by the Trust Deed.
## **9 CREDITORS - amounts falling due within one year**
|Charter Tax Consulting Ltd - Administrators Fee
Blue Spire Ltd - Independent Examination Fee
Ludlow Trust Company (London) Limited - Administrator's fee
Messrs. Hoare Trustees - Administrator's fee
KJF Accounting Ltd - Independent Examination Fee|**2025**
**£**
**1,620**
**1,440**
**1,620**
**-**
**1,320**
**6,000**|2024
£
1,620
1,620
1,320|
|---|---|---|
|||4,560|
## **10 RELATED PARTY TRANSACTIONS**
The Charity does not have a relationship with any other charity or charitable organisations and there were no related party transactions (2024: Nil).
## **11 ANALYSIS OF CHARITABLE FUNDS**
|General Income Fund
Endowment
**Total**
**Name Fund**
Unrestricted:
General
Expendable Endowment|Balance
Incoming
Resources
Transfers
**Funds**
01-Oct-24
Resources
expended
**30-Sep-25**
**£**
**£**
**£**
**£**
**£**
28,580.00
36,651
(73,291)
8,060
**-**
2,161,444
204,259
(400)
(8,060)
**2,357,243**
**2,190,024**
**240,910**
**(73,691)**
**-**
**2,357,243**
Income arising in the year spent on furthering the charity's purposes.
Any deficit on general fund can be met by this fund at the trustees' discretion.|**Funds**
**30-Sep-24**
**£**
**28,580.00**
**2,161,444**|
|---|---|---|
|||**2,190,024**|
||||
## **12 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS**
|Tangible fixed assets
Cash at bank and in hand
Other net current assets/(liabilities)
**Total**|General Income
Endowment
**Total**
Fund
**£**
**£**
**£**
-
2,263,111
**2,263,111**
-
100,132
**100,132**
-
(6,000)
**(6,000)**
-
2,357,243
**2,357,243**|2024
£
2,058,852
135,732
(4,560)|
|---|---|---|
|||2,190,024|
10